Options Bootcamp 63: The Proper Way to Trade Covered Calls

Options 101: Our topic today was inspired by a listener question. Question from Mark Davis: Hello, I am a new listener to options bootcamp and am currently on Ep. 4. There was a mention of using covered calls to generate a "dividend." I am having trouble tracking down more information on this. Being still new to all of this I am hoping to get a clearer picture of how it works. How far out on expiration should I look and how do I figure the strike price? Thanks! Mail Call: Even more listener questions and comments Question from Robert Kornacki: I would like to use strategy regarding naked puts. If the naked put is far out of money what strategy could I use to protect myself. Could I use some type of order in case it was getting close to naked put strike price. Thanks Question from Dmitry Shesterin: What happens to LEAPs for tickers that get delisted before expiration? Question from Fred: I read Natenberg options volatility and pricing twice now and I have also set up paper trading accounts. But I am stuck going forward in my options progression. I do not want to trade using the greeks formula. But I want to spec on crude futures intraday using options. What should I do? Should I make more SIM trades until I figure it out? Or am I just too ignorant to trade options? Question from Jack Rieger: Do you have any specific strategies near or on expiration to profit from theta decay? Question from Bobby: How long did it take you to become comfortable trading credit spreads? Also what is my max loss when trading a credit spread? Question from from Tor: Hello. I am (restarting) my options trading on a shoestring; any thoughts on mini-options? Thanks. Question from Fred (#2): Is it my imagination or do options traders trade more markets than futures traders do? Is that a good practice? Is it good to look for multiple markets when trading options? Should I expand my horizons?